Morris Township NJ Real Estate - Market Update for JUNE 2012
by Bob Zorechak - GRI, ABR, e-PRO
Closed Sales for Morris Township are up 4% year-to-date through June and 18% for the month of June as compared to last year during this same period. The market has definitely made a turn for the better as sales volume has increased. Read here to find out the very latest information on your local Morris Township NJ Real Estate market!
Closed Sales in Morris Township increased by 18% for the month of June as compared to this same period last year (33 sales in June 2012 as compared to 28 in June 2011). This is the second highest monthly total for June in the last five years. Year-to-Date sales are up moderately as well by 4% through June as compared to the same period last year (106 sales in 2012 vs. 102 sales in 2011). In addition, it should be noted that the volume of Pending Sales as of the last day of June are 60% ahead of where we were at this same time last year. This will result in continued good news and momentum in the months ahead.
While all real estate is local, there are many positive signs being seen all across the Northeast and in other major regional markets across the country. The next several months will be critical in determining if the recent upswing has any sustained staying power.
In recent months, it is not uncommon to see properties attracting multiple bids, however the majority of these are not necessarily resulting in sales prices coming in over asking price, rather than buyers recognizing a good value when they see one and sellers having a better choice of qualified buyers from which to choose.
There is a certain amount of "pent-up demand" on both the buying and selling side of this market as many buyers and sellers have been sitting on the fence for several years now and see that the pendulum is beginning to swing in the other direction and as a result, they are taking action.
Prices are expected to remain steady and interest rates continue to hover at record low rates. There has rarely been a time where both prices AND interest rates were so low. Combine these two factors with a relatively high inventory of homes to choose from and you have the perfect conditions for a robust and steady housing recovery. The general state of the economy along with a high rate of foreclosures and distressed properties are expected to keep prices low for several more years as this inventory eventually gets cleared out.
Look below to see the individual homes that sold in Morris Township NJ for the month of JUNE in 2012. Also shown below is a year to year comparison bar graph for homes SOLD in the month of JUNE over the past 5 years, followed by another graph illustrating the amount of homes that have SOLD Year-to-Date through JUNE through the same period.
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